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South Florida

AvalonBay pays $133M for Luma at Miramar apartments

Ansca sold the 380-unit development for $350K per door

Luma at Miramar and AvalonBay CEO Timothy Naughton (AvalonBay)
Luma at Miramar and AvalonBay CEO Timothy Naughton (AvalonBay)

AvalonBay Communities paid $133 million for a 380-unit apartment community in Miramar, marking continued multifamily interest from institutional investors.

Ansca, a Boynton Beach-based developer led by Charles Scardina, sold the Luma at Miramar community to AvalonBay, an Arlington, Virginia-based real estate investment trust, according to a release from the brokerage, Berkadia. A Berkadia team led by Roberto Pesant and Jaret Turkell listed the property at 4300 Southwest 113th Terrace.

Luma at Miramar

Luma at Miramar

Luma at Miramar sold for about $350,000 per unit.

The garden-style rental community was completed in 2019 and reached a 90 percent or above occupancy in the first quarter of 2020, which it maintained throughout the pandemic, according to the release. It was fully leased at the time of the sale.

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The developer paid $12.7 million for the land in 2017 and financed the deal with a $16.8 million loan from Synovus Bank in 2020.

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The development, with three- and four-story buildings, a swimming pool, fitness center, yoga room, billiard room, outdoor grilling area and more, is next to the Florida Turnpike and near the Miramar Park of Commerce.

Berkadia’s Pesant said in a statement that the sale allowed the buyer “to acquire both immediate-term durable returns” as well as the “long-term, compounding growth associated with essential housing in a growing market close to thousands of high-quality jobs.”

The huge demand for apartments has led to record rents and sales of multifamily properties in South Florida this year, on top of a pipeline of new developments in the works.

Recent deals include the nearly $83 million sale of an apartment complex in Delray Beach to TA Realty, as well as Cortland’s record $230 million purchase of a community in Boca Raton.

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